Operations
Wajax 1Q Revenue Jumps 13.5%
The industrial distributor reported 2022 first-quarter revenue of $439.5 million, up from $387.1 million in 1Q 2021.
On June 30, Toronto-based Wajax announced that its subsidiary, western Canadian maintenance and technical services provider Tundra Process Solutions Ltd., acquired the valve business of Powell Canada Inc.
Canadian industrial distributor Wajax Corp. (TSX: WJX) reported that revenue in the first quarter of 2022 increased 13.5% to $439.5 million compared with the same quarter in 2021.
The company’s 1Q net earnings also rose to $16.1 million from $12.5 million a year prior. Adjusted earnings per share jumped from $0.59 to $0.73.
“During the first quarter, Wajax delivered strong revenue of $439.5 million, an increase of 14% year-over-year, and improved gross profit margins,” said Iggy Domagalski, president and CEO. “Our leverage ratio further decreased to 1.24 times and we recorded record quarter end backlog of $540.1 million. We are pleased with these results and the continued strong performance of the business, and we look forward to engaging with shareholders at our upcoming annual meeting.”
A gross profit margin of 21.3% in 1Q 2022 increased 1.7% compared to gross profit margin of 19.6% in the same period of 2021.
